2019-2020 Traditional Undergraduate Student Handbook

The Solution Center — Financial Aid

The Financial Aid Office helps students secure funding or financial aid to help pay for college expenses.

Scholarships, grants, loans and work study are all forms of financial aid.

  • The federal Work Study program funds on-campus jobs and gives students with demonstrated financial need an opportunity to work to help pay for school expenses. Job openings are posted on  the college job board in Handshake. This is not a scholarship, and these funds will not appear on the student’s account.
  • An award is the total amount of financial aid granted to a student through the Financial Aid Office.

To qualify for scholarships, grants and loans, each student must complete a Free Application for Federal Student Aid (FAFSA) Click www.fafsa.ed.gov and complete the form by May 1 . (LBC’s Federal School Code is: 003285)

A Student Aid Report (SAR) is simply a list of the information a family provides on the FAFSA.

  • The Expected Family Contributions (EFC) is a measure of your family’s financial strength. It is calculated according to a formula established by law and considers income, assets, benefits (I. e., unemployment or Social Security), family size, and the number of family members in college.
  • Verification is the federal process to determine accuracy of information on the FAFSA.

Each year, LBC determines the Cost of Attendance (COA) by estimating educational expenses such as tuition, fees, housing, food, books, and travel.

Financial Need is the difference between the COA and the EFC (Financial Need = COA - EFC). The Financial Aid Office uses financial need to determine an award for each student.

It is important to know that an award is not always enough to cover all expenses. Many families use a combination of current income, payment plans, and alternative or home equity loans to meet their EFC and any unmet financial need.

Please be aware that PLUS and Alternative loan applications must be completed and have final approval from your lender by the due dates noted on the agreement.

For more detailed information, visit Tuition & Financial Aid for Traditional Undergraduate.

See also Financial Aid Eligibility.

Financial Aid Advisors:

  • Last names beginning with A-L, Beth Kachel
  • Last names beginning with M-Z, Rosie Lammey